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PwC in talks with firm to take over Keydata admin side

Administrator PricewaterhouseCoopers is understood to be in advanced talks with an interested party regarding the sale of Keydata’s admin business.

PwC has undertaken economic and operational due diligence on a blue-chip firm and the findings are deemed to be satisfactory, Money Marketing understands.

It is understood that the firm is in the process of acquiring the supplementary FSA permissions required to take over Keydata’s administrative operations and the regulator is thought to have agreed to fast-track this to help provide a solution by the end of the month.

On June 12, PwC had received over 40 expressions of interest for Keydata’s business and said it was “confident” it would be sold the following week.

However, a sale of the business in its entirety broke down in July following news of a Serious Fraud Office probe into over £100m of missing assets associated with Keydata plans.

The Financial Services Compensation Scheme will provide an update by November on whether it will be able to step in to help Keydata investors.

A spokeswoman for PwC says the firm is still in talks with interested parties but these are not yet at advanced stages.

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